EURef results trash stock market: Shaktikanta says govt is prepared for all eventualities

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It’s a Black Friday for global financial hub as Britain may ‘Leave’ European Union, In India, Sensex suffered its biggest fall in 10 months amid a global selloff in risk assets. It traded close to 25,986, while the Nifty traded over 300 points lower.

However, The rupee posted its biggest intra-day fall since August 2015. It traded off the day’s low amid reports that the Reserve Bank has sold dollars to rein in volatility. Despite RBI’s support, some analysts expect the rupee to inch near its record low of 68.85 per dollar today.

After the Indian stock market situation emerges today, Economic Affairs Secretary Shaktikanta Das said that the government is prepared to deal with all eventualities and added that we are in constant touch with RBI, Finance Minister also regularly monitoring situation.

So far as stock markets are concerned, it is initial, spontaneous kind of sudden reaction and this instant reaction should stabilise over next few days, markets hopefully will improve, Economic Affairs Secretary said.

Government of India, Finance Ministry, Reserve Bank of India (RBI) have discussed all possible outcomes of Brexit, we are prepared to deal with situation and we have enough fire power to deal with situation which will be used judiciously in manner we maintain economic stability, he added.

Our macro economic and other fundamentals strong, current account deficit at an all time low, fiscal deficit under control and revenue deficit also improved,inflation by and large under control, Govt continuing with policy of structural reforms, he also said.

Wefornews Bureau

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